Illustrative image (Source: VNA) Hanoi (VNA) – Orientations aimed at speeding up the restructuring process of Vietnam’s economy amidst the Fourth Industrial Revolution was the focus of a workshop held by the National Centre for Socio-economic Information and Forecast (NCIF) and the Ministry of Planning and Investment in Hanoi on November 22. It was an open forum for domestic and foreign scientists, experts, and managers to discuss and announce the latest studies on Vietnam's economic restructuring in general, and some specific sectors, in the context of the Fourth Industrial Revolution. In his opening speech, Director of the NCIF Tran Hong Quang said that the digital revolution is happening fast with a strong impact on all aspects of the economy, adding that Vietnam’s economic growth model is still based on the exploitation of natural resources, the assembly and manufacturing industry, and production and export of labor-intensive and low-skilled sectors. He … [Read more...] about Orientations taken to accelerate economic restructuring
Economic restructuring
Positive changes in economic restructuring with transformed growth model
The economic restructuring was reviewed recently by Minister of Planning and Industry Nguyen Chi Dung in a government report presented at the ongoing sixth session of the 14th National Assembly in Hanoi. The report indicates that nine of 22 targets for economic restructuring has been fulfilled. Eight of the 22 targets are underway and five others need drastic measures to be completed. Until now, 77% of the set targets have been completed or due for completion. Reviewing economic restructuring and growth model reform in the 2016-2018 period, Minister Dung highlighted positive changes in the quality of annual economic growth and labour productivity, which have seen remarkable improvements. For example, total-factor productivity (TFP) contribution to economic growth in the 2016-2018 period has been on a sharp increase of 42.18%, significantly higher than the 2011-2015 period at 33.58% and has even surpassed the set targets. Notably, there has been a visible improvement in investment … [Read more...] about Positive changes in economic restructuring with transformed growth model
Vietnam economic restructuring remains sluggish: CIEM
The Hanoitimes - The remaining three years in the 2016 - 2020 period would be a turning point for Vietnam in transforming the economic growth model from a focus on quantity to quality, stated banking expert Can Van Luc. Vietnam's effort in economic restructuring leaves much to be desired in four main pillars, including reforms on state sector, public investment, credit institutions and stock market, according to the Central Institute for Economic Management (CIEM). Illustrative photo. Although Vietnam's macro-economic fundamental has been stabilized, coupled with high economic growth rate and growth quality, there remain inefficiencies in resource allocation in the economic restructuring during the 2016 - 2020 period, stated Nguyen Dinh Cung, CIEM's director, at a conference on September 5. More importantly, the shift of economic activities away from agriculture toward services and manufacturing, from rural to urban areas, or state sector to public sector … [Read more...] about Vietnam economic restructuring remains sluggish: CIEM
Progress recorded in economic restructuring but challenges lie ahead: experts
Economists gathered at a mid-term workshop held in Hanoi, on September 5, to review the implementation of the master plan on economic restructuring for the 2016-2020 period and discuss measures to promote the process. The event was co-organised by the Central Institute for Economic Management (CIEM) and the Australian-funded Australia Supports Economic Reform in Vietnam (Aus4Reform) programme. At the seminar, CIEM Director, Dr. Nguyen Dinh Cung, said that Vietnam’s economic restructuring during the first half of the 2016-2020 period has achieved positive results, reflected in the relatively high economic growth combined with an improvement in the quality of growth and macroeconomic stability, thanks to the effective support from Aus4Reform. Labour productivity has improved, while the industry and construction sectors continue to be the mainstay of high economic growth, with the contribution of mining to economic growth witnessing a significant reduction compared to the previous … [Read more...] about Progress recorded in economic restructuring but challenges lie ahead: experts
Progress recorded in economic restructuring but challenges ahead: experts
Economists gathered at a mid-term workshop held in Hanoi on September 5 to review the implementation of the master plan on economic restructuring for the 2016-2020 period and discuss measures to promote the process. The event was co-organised by the Central Institute for Economic Management (CIEM) and the Australian-funded Australia Supports Economic Reform in Vietnam (Aus4Reform) programme. At the seminar, CIEM Director, Dr. Nguyen Dinh Cung, said that Vietnam’s economic restructuring during the first half of the 2016-2020 period has achieved positive results, reflected in relative high economic growth combined with growth improved quality and macroeconomic stability, thanks to effective support from Aus4Reform. Labour productivity has improved. The industry and construction sectors continue to be the mainstay of high economic growth, with the contribution of mining to economic growth witnessed a significant reduction compared to the previous statistics. However, Dr. Cung also … [Read more...] about Progress recorded in economic restructuring but challenges ahead: experts